Bithumb Locks In 2028 IPO as Crypto Listing Race Heats Up

South Korean cryptocurrency exchange Bithumb has put dates behind its long-discussed public listing, outlining a three-stage plan that targets an initial public offering in 2028. Rather than promising a quick path to market, the roadmap focuses on strengthening accounting, internal controls, and regulatory compliance.

The company will spend 2026 upgrading governance and converting its financial reporting to K-IFRS, the accounting standard used by publicly traded companies. A preliminary listing review is planned for 2027 before an IPO attempt in 2028.

Bithumb had previously targeted a 2025 listing before executives acknowledged the need for stronger financial controls and a more mature compliance structure. CFO Jeong Sang-gyun said in March that accounting policies and internal governance had to improve. The company has hired Samjong KPMG through 2027 to guide the process.

A costly internal error in February underscored the urgency. During a promotional campaign, an employee mistakenly credited customers with roughly 620,000 bitcoin instead of a smaller amount in Korean won. Although the error largely remained on Bithumb’s internal ledger, it exposed weaknesses in approval procedures and operational safeguards. The exchange recovered about 99.7% of the erroneous balances, absorbed the remaining loss, and later created a customer protection fund. The incident prompted South Korea’s Financial Supervisory Service to examine internal controls.

Financially, Bithumb enters the IPO process from a position of relative strength. The exchange reported 2025 revenue of 651.3 billion won (about $430–450 million), up 31.2% year-over-year. Operating profit climbed 22.3% to 163.5 billion won, though net profit fell due to valuation losses on crypto assets. After switching banking partners to KB Kookmin Bank, Bithumb added 1.74 million new users and pushed market share above 30%.

However, the trading environment has become less favorable. Combined trading volume across South Korea’s five largest won-based exchanges dropped 54.6% during the first half of 2026. Bithumb’s market share eased to roughly 27% as Upbit continued to dominate. Competition is intensifying, with Upbit’s parent Dunamu also pursuing a listing.

Bithumb’s IPO schedule now depends on completing measurable milestones: K-IFRS conversion, progress on the FSS review, and the 2027 preliminary filing. New regulations, including Korea’s planned 22% capital gains tax on crypto starting Jan. 1, 2027, will also shape the environment. Bithumb has postponed listings before, but this time every step will unfold under closer regulatory oversight, leaving less room for missed deadlines or operational missteps.

Source: https://news.bitcoin.com/finance/bithumb-locks-in-2028-ipo-as-crypto-listing-race-heats-up/